On July 5, Fat Tires Lid borrowed $7000.00 with an intorest rate of 6 0%. The loan was repaid in tull on October 2, with payments of $2600 00 on August 6 and $3200 00 onSeptember 3. What was the final payment?The final payment was S(Round the final answer to the noarest cont as noeded. Round all intermediate values to sox decimal places as noeded)

This is an example of amortization of loan where the repayment amount is not the same.

On July 5, Fal Tires Ld bonowed $7000.00 with an intorest rate of 6 0% The loan was repaid in tul on October 2, with payments of $2600 00 on Augunt 6 and 53200 00 on September 3. What was the tnal payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to sa decimal places as noeded)

On July 5, Fal Tires Ld bonowed $7000.00 with an intorest rate of 6 0% The loan was repaid in tul on October 2, with payments of $2600 00 on Augunt 6 and 53200 00 on September 3. What was the tnal payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to sa decimal places as noeded)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1EB: Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan...

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